Prime Minister Shehbaz Sharif has announced that if the current trend of declining inflation continues, the government will ease the burden on the salaried class.
He emphasised that all sectors must contribute to the tax net, adding that overburdening a single sector is unjust. “Traders must play a greater role in expanding the tax base,” he said.
Speaking during a meeting with young parliamentarians from the Pakistan Muslim League-Nawaz (PML-N) on Friday, the prime minister revealed that Pakistan’s loan issue will be discussed at the upcoming IMF meeting in Washington on September 25.
“This is a positive development,” Sharif said, noting that Pakistan’s economic trajectory is slowly improving, with inflation rates dropping, remittances from overseas Pakistanis increasing, and a boost in exports. “These indicators demonstrate economic progress,” he added.
Sharif acknowledged the challenges ahead but called for unwavering commitment. “It’s a tough path, full of thorns. We must work day and night to reach our destination. Only nations that resolve to change their circumstances achieve progress,” he remarked, highlighting the critical role of the youth in this journey.
He also mentioned the difficulties faced in meeting the IMF’s targets, particularly the increased tax burden on the salaried class. “If inflation continues to decrease, we will reduce this burden,” he promised.
Sharif stressed the need for all sectors to pay their fair share of taxes. “It is not right to overburden any one sector with taxes. Traders are a hardworking community, but they need to do more in terms of tax contribution,” he said.
The prime minister also pointed out that agricultural giants, whose businesses are thriving, have been brought into the tax net and will start paying taxes from next year. “We are working day and night to end tax evasion by the elite. Without achieving these targets, we won’t be able to free ourselves from IMF loans,” he warned.
Sharif also credited Saudi Arabia, the UAE, and China for their pivotal roles in securing the IMF programme. “Had it not been for the contributions of these friendly countries, it would have been impossible to secure the IMF deal,” he said, praising the efforts of the army chief and deputy prime minister in the process.
“We cannot keep relying on loans. Those who abandoned this path have reached great heights. God willing, this will be our last IMF programme,” the prime minister concluded.
Separately, Shehbaz Sharif on Friday directed the authorities concerned to take measures for the capacity building of small and medium enterprises (SMEs) to enhance their profitability.
The prime minister, who chaired a meeting of the steering committee of Small and Medium Enterprises Development Authority, said that steps to boost SMEs exports was inevitable for national economy.
The prime minister, who was briefed about the strategy for uplifting the SMEs, called them the engine of national development and instructed the immediate operationalisation of the SMEDA Board.
Prime Minister Shehbaz highlighting the role of women in national economy, asked the authorities concerned to include women entrepreneurs in the decision making related to the SMEs.
He also called for raising the standards of export products at par with international practices and engage the experts of international repute to uplift the SMEs sector.